Glacier FarmMedia MarketsFarm — The ICE Futures canola market showed mostly modest gains for canola on Monday, largely raised by comparable oils.
European rapeseed and Malaysian palm oil were both in positive territory while crude oil rose due to welcomed economic data from China and Ukrainian attacks on Russian refineries. However, Chicago soyoil was in the red, limiting canola’s rise.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a United States cent compared to Friday’s close.
There were 47,300 canola contracts traded on Monday, which compares with Friday when 42,425 contracts changed hands. Spreading accounted for 27,482 of the contracts traded.
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Following a week-long plateau, the May SOYBEAN contract had its largest drop since late February at the Chicago Board of Trade (CBOT) on Monday. May contracts in soyoil and soymeal were also lower.
More than 686,000 tonnes of United States soybeans were exported during the week ended March 14, down 98,000 from the previous week and down 34,000 from the same week last year, according to the U.S. Department of Agriculture (USDA). Total U.S. soybean exports this marketing year are at 35.77 million tonnes, down from 44.06 million one year ago.
Brazilian firm Patria Agronegocios said that 62.25 per cent of the country’s soybean crop has been harvested, compared to 62.88 per cent at this time last year.
The May CORN contract ended Monday on a slightly lower note, despite briefly trading above US$4.40 per bushel. This marked the third decline for the contract in four sessions.
The USDA reported 1.24 million tonnes of corn export inspections, up 70,000 tonnes from the previous week. So far this marketing year, 23.1 million tonnes of U.S. corn have been exported, 31 per cent ahead of last year’s pace.
The Buenos Aires Grain Exchange reported that conditions for the Argentine corn crop worsened by four points at 25 per cent good to excellent. Harvest for late planted corn is only three per cent complete.
Indonesia said it will pause corn imports due to a 10 per cent increase in domestic production from last year at 5.34 million tonnes.
Ukraine’s ag ministry projected a decline of 180,000 hectares of seeded area for corn at 3.863 million. It also reported 17.4 million tonnes of corn exports this season so far.
Chicago soft WHEAT saw the largest gains among the three major U.S. varieties on Monday. For the May contract, it was its largest one-day gain in nearly a month.
In total, 302,000 tonnes of U.S. wheat were shipped, down more than a third from one week earlier. Total wheat shipments this marketing year are 13.74 million tonnes, down 15.6 per cent from last year.
Export prices for Russian 12.5 per cent wheat for free-on-board April delivery was US$201 per tonne, up three dollars from last week for their first increases since early January.
Ukraine reported 12.9 million tonnes of wheat shipments this season so far, up five per cent from last year.
Rabobank estimated gross margins for Australian wheat to be US$281 per hectare in 2024-25 compared to US$158 last year, which could lead to more planted acres for the crop.
